Vol. 6, Issue 1 (2020)
Corporate criminal liability in Nigeria: Converging ethics and prescriptive compliance principles to minimize money laundering and terrorism financing risks
Author(s): Dr. Mohammed Suleh-Yusuf
Abstract: This Paper looks at the issues around criminal liability in Nigeria as it relates to prosecution of companies for money laundering and terrorism financing in the last five years. It also reflects the nature of the approach adopted by Investigators and Prosecutors in Nigeria in cases bordering on money laundering and terrorism financing. This approach clearly show that the investigating and prosecuting agencies had a broad mindset in their determination of corporate criminal liability; without the narrowing and restrictive impact of reliance on one doctrine or completely relying on traditional elements of intent.. it also points to a reliance on wide ranging band of intents and acts wrapped around intents and acts of employees and agents; not merely attributing the intents and acts of the alter egos to the company. Therefore, when reviewing the trend of the prosecution of companies in Nigeria there is clearly an open ended approach that leaves companies exposed to multiple layers of risks. Hence the traditional compliance frameworks being deployed by companies are not adequate to cover all the risk zones and the companies are open to prosecution for intents and acts of all its employees and most of its agents.